Free Trial

NZDUSD holds firm, AUDNZD Facing Pressure

NZD

After resting the highs from last week in Asia trading on Monday of 0.6152 the NZD pulled back as European trading got underway before again retesting those highs as Tuesday trading gets underway. NZD is the top performer of G10 currencies alongside SEK, up 0.44% while the BBDXY is close to unchanged on the day.

  • NZDUSD had a positive day closing near the highs from made earlier on Monday. The pair has been trending higher since stronger PMI data came out early yesterday, while local bank BNZ pushed back the timing of RBNZ cuts to November from August. Continued strength could see the pair retest highs from Jan 31 at 0.6174. Spot is currently above the 20 and 50-day EMAs at 0.6120/0.6135.
  • AUDNZD saw selling pressure on Monday, breaking the 1.0650 level to currently trading at 1.0632, as next week's RBNZ meeting comes into view, support holds down at 1.0600 the yearly lows made on Feb 9th. Currently the 20 and 50-day EMAs at 1.0690/1.0730
  • Looking ahead, the RBA minutes are published today with the attention on whether a 25bp hike was discussed, while NZ 4Q PPI is expected on Wednesday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.